Bancorp International Group Inc (fka BCIT)

[realwhiz1]

Verification of valuation is all


Still believing Megas thought he would be selling 205’s at $5.00 per share by the end of the year

Anyone heard from him lately?


From Huxley update 8/11/15

You may recall that in March this year in the case of Haviland v TDA the FINRA arbitrator issued an award compelling TDA to deliver a certificate for his Bancorp shares.

Haviland filed a motion to reconsider and yesterday, 10th August, 2015, a U.S. federal judge in the U.S. District Court of Arizona delivered an Order in which he found that TD Ameritrade is liable and must deliver a Bancorp share certificate to Mr. Douglas A. Haviland their customer. Congratulations Doug.

No doubt TDA will now think a price between 70 cents and 1.25 does not look so bad, but of course it remains to be seen how they try to resolve this.

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Well it is all happening this week and we celebrate the 10th Anniversary of the effective date of the Global lock with some awesome news.



You may recall that in March this year in the case of Haviland v TDA the FINRA arbitrator issued an award compelling TDA to deliver a certificate for his Bancorp shares.




When Haviland filed to confirm the award in Arizona, TDA filed a counter claim asking for it to be vacated or modified on the grounds that it was impossible and illegal for TDA to comply because Bancorp is revoked.

On 25th June the judge issued an order amending the award so that TDA only had to deliver a certificate on the 106 cusip. Of course TDA then wrote a simpering letter to DTC saying please tell us when that awful lock is lifted and we can get the shares. Of course it is not about shares, it is about certificates to deliver and to be able to do that the DTC and brokers need to have REAL Bancorp certificates and they don’t have any and I mean not one.

Haviland filed a motion to reconsider and yesterday, 10th August, 2015, a U.S. federal judge in the U.S. District Court of Arizona delivered an Order in which he found that TD Ameritrade is liable and must deliver a Bancorp share certificate to Mr. Douglas A. Haviland their customer. Congratulations Doug.

A copy of the order is attached and it is pretty self explanatory.

This is AWESOME not just because of the decision, but because it is entirely discretionary for a judge to reconsider and not many do, and because the judge dismissed each and every one the TDAs arguments and found no lawful reason why TD Ameritrade, an SEC registered broker, could not obtain and deliver Bancorp certificates to Mr Haviland their customer.

Of course TDA have 30 days to file a notice of appeal and they may well do so to try to buy some more time but they do not have any legs to stand on and in my opinion any such appeal would get shot down in flames.

I think the way it went down in court, difficult as it was to have the judge first go against Haviland at first will be extremely helpful to all the cases in the future, because by pushing back, TDA were forced to lay out ALL their excuses in court, they put all their cards on the table and the judge in this latest order knocked down TDAs excuses one by one and is having none of it.

If the judge had just rubber stamp confirmed the award on the first go around, TDA could have played it as a one off and a bad decision, like they did the Grabowski win, now TDA have no where to hide, all their excuses are refuted by a federal judge.

No doubt TDA will now think a price between 70 cents and 1.25 does not look so bad, but of course it remains to be seen how they try to resolve this.

In our opinion TDA are going to be careful because in addition to ripping off their customers,they have deprived BCIT revenue from selling shares TDA had no authority to sell without ever intending to buy them from BCIT.

The implications of this are far reaching.
It could well give grounds for vacating cases denied in the last 90 days.
It gives a huge amount of power to the NY group action and of course it puts the SEC under more pressure.

I regret to say that those of you who are not part of the NY group or have not filed in court or with FINRA will probably be left high and dry, and it is not too late to rectify your situation, but as I have said all along they are your shares with your broker and it is up to you, but if I was to put myself in the position of a broker I would not voluntarily lash out and buy in unless I was getting hassle in court or arbitration, but that is just my opinion.

There is more to come but you are going to have to wait for that.

Bill